BASICS OF ECONOMICS (ACTIVITY - 1)

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Across
  1. 2. According to Adam Smith, Economics is the study of the production and accumulation of this.
  2. 4. The creation of utilities or increasing their value.
  3. 6. The branch of economics that studies individual units like households and firms.
  4. 9. Utility refers to the level of satisfaction a consumer gets from a good.
  5. 11. Lionel Robbins' definition of Economics is based on this major economic problem.
  6. 12. The quantity a producer is willing to sell at different prices.
  7. 15. The person who derives utility from goods and services.
  8. 18. An economy where economic decisions are made freely by buyers and sellers.
  9. 19. The science that studies human behaviour as a relationship between ends and scarce means.
  10. 20. The primary subject matter of economics is the satisfaction of these.
  11. 22. Alfred Marshall defined Economics as the study of material means and human welfare.
  12. 24. Measures taken by the government to influence economic activities.
  13. 25. The additional utility gained from consuming one more unit of a commodity.
  14. 26. The want-satisfying power of a commodity.
  15. 27. The Law of Marginal Utility states that marginal utility decreases with each additional unit.
  16. 29. The branch of economics concerned with social welfare and resource distribution.
  17. 30. Economics deals with the allocation of scarce resources among competing uses.
Down
  1. 1. The branch that studies aggregates such as national income and employment.
  2. 3. Macroeconomics focuses on large-scale economic aggregates such as total output.
  3. 5. Due to scarcity, individuals and society must make this.
  4. 7. The cost of the next best alternative forgone.
  5. 8. The total income earned by a country in a given period.
  6. 10. Using goods and services to satisfy human wants.
  7. 13. A human factor of production that involves physical and mental effort.
  8. 14. The quantity a consumer is willing and able to buy at different prices.
  9. 16. Increase in a nation’s output of goods and services over time.
  10. 17. The study of consumer behaviour using utility concepts.
  11. 21. The total amount of satisfaction obtained from all units consumed.
  12. 23. Using resources in the best possible way to maximize output.
  13. 28. Microeconomics primarily studies the behaviour of buyers and sellers in these.